The building later became the repository for the council's heritage archive but had to be emptied in 2016 when a fire safety report said it was no longer suitable.
Create London plans to restore the building and open it as an arts centre offering affordable workspaces, a cafe, and vocational training for local school children.
The restoration will involve removing some internal floors to create impressive double-height spaces, along with adding modern amenities like a lift to the historic structure.
Once operational, 31-35 Stock Street is expected to engage more than 13,000 people annually, enhancing the local community's access to arts and culture.
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